Brief: Biocartis Announces Agreement Regarding Recapitalization Of Operating Subsidiaries By Secured Creditors

Biocartis NV

26/09/2023 06:11

Sept 26 (Reuters) - Biocartis Group NV  BCART.BR :
    * AGREEMENT REGARDING RECAPITALIZATION OF OPERATING
SUBSIDIARIES
BY SECURED CREDITORS AND WIND DOWN OF LISTED HOLDING COMPANY
    * UNDER THE OWNERSHIP OF THE SECURED CREDITORS, THE BUSINESS
WILL
HAVE A RIGHT-SIZED BALANCE SHEET WITH EUR 132 MILLION OF
DELEVERAGING FROM TODAY
    * COMPANY’S SECURED CREDITORS (BEING ITS FIRST LIEN
CREDITORS AND
BONDHOLDERS, AS DEFINED BELOW) WILL TAKE  OWNERSHIP OF BIOCARTIS
OPERATING SUBSIDIARIES THROUGH ENFORCEMENT AND INJECT EUR 40
MILLION OF NEW  EQUITY CAPITAL TO FUND BUSINESS TO EBITDA
BREAK-EVEN BY END OF 2024
    * TRANSACTION SHOULD BE COMPLETED BY END OF 2023 AND IS NOT
EXPECTED TO IMPACT BIOCARTIS'S CUSTOMERS,  SUPPLIERS, PARTNERS
OR EMPLOYEES
    * SHAREHOLDERS OF BIOCARTIS GROUP NV WILL RECEIVE NO
DISTRIBUTION
FROM THE SECURITY ENFORCEMENT AND ARE EXPECTED TO RECEIVE
NOTHING AT THE TIME OF ITS WIND DOWN
    * UNSECURED 4.00% CONVERTIBLE BONDS DUE 2027 WILL BE WRITTEN
DOWN
TO ZERO PURSUANT TO THEIR TERMS AS PART OF  THE ENFORCEMENT
    * THERE WILL BE A CHANGE IN OWNERSHIP THROUGH ENFORCEMENT OF
SECURITY BY THE SECURED  CREDITORS OF SUBSTANTIALLY ALL OF THE
ASSETS OF BIOCARTIS TO NEW BIOCARTIS

Source text: https://tinyurl.com/v2t6p73w
Further company coverage:  BCART.BR 

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